A federal appeals court says the U.S. Securities and Exchange Commission needs to better explain why it turned down a request from Coinbase to develop regulations to cover the booming crypto asset sector.

PHILADELPHIA – President Donald Trump’s legal team suffered yet another defeat in court Friday as a federal appeals court in Philadelphia roundly rejected the campaign's latest effort to challenge the state’s election results. Trump’s lawyers vowed to appeal to the Supreme Court despite the judges' assessment that the “campaign’s claims have no merit.”“Free, fair elections are the lifeblood of our democracy. We have neither here,” 3rd Circuit Judge Stephanos Bibas, a Trump appointee, wrote for the three-judge panel, all appointed by Republican presidents. Trump’s sister, Judge Maryanne Trump Barry, sat on the court for 20 years, retiring in 2019. “That has not happened.”A separate Republican challenge that reached the Pennsylvania Supreme Court this week seeks to stop the state from further certifying any races on the ballot.